Polaris takes controlling stake in A-TEX

Carmen Reichman
06 September 2012

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Polaris Private Equity has bought a controlling stake in Danish fashion branding solutions provider A-TEX from the business's founder Bent Fogh Povlsen.

Polaris will hold its shares alongside management, which re-invested in the company and increased its 30% stake to just below 50%. The GP will consider organic and acquisitive growth for the company and has already identified targets.

The founder and exiting shareholder initiated the deal by mandating KPMG to find a buyer. Polaris secured exclusivity after it had met with the management and presented an offer.

Debt
A debt package in line with industry standards was provided by Handelsbanken.

Company
A-TEX provides branding solutions for global fashion businesses, developing hand tags, supply labels, packaging solutions and in-store decorations.

The company was founded in Herning, Denmark, in 1991. On top of its Danish head office, the business has sales centres across Europe and the US. It also operates logistics centres in Asia, close to where its third party suppliers are located. A-TEX posted a DKK 346m turnover in 2011. The business employs around 380 people.

People
Niels Worning is a partner at Polaris. Henrik Theilbjørn has been appointed as chairman of the new board.

Advisers
Equity - Deloitte (Financial due diligence); Quartz+Co (Commercial due diligence).
Vendor - KPMG (Corporate finance).